Tax Compliance

Straight forward and stress-free taxation services are what businesses of all sizes need from their accountants and we believe we provide exactly that. By providing cutting edge accounting and taxation services, and using the right products for your record-keeping, our team at Impact Accounting NQ will work closely with you to ensure we understand your needs. Only in this way can we help you achieve your goals, help you manage your cash flow and help you meet your tax obligations.

While fiscal compliance is of the utmost importance, we also believe in offering professional management advice and support at all times. We are committed to offering the highest level of friendly and professional service and welcome the opportunity to work with you.

The areas we specialise in are as follows:

• Accounting & Tax Consultancy Services
• Personal & Business Tax Returns
• Annual Reporting
• Business and Tax Advisory
• Business ‘start up’ advice
• Prepare Business plans and financial budgets and review these regularly
• Measure your performance against industry benchmarks
• Trust & company structures
• ATO correspondence Management
• Taxation – GST & PAYE advice, BAS preparation
• Liaise with the ATO on your behalf
• Auditing
• Accounting software advice and assistance

BAS & Payroll Compliance

Lodging your BAS correctly and on time can be a difficult and confusing process. You can avoid risk and stress simply by being confident that your ATO tax liabilities and obligations are sorted and your BAS lodgement is correct every time.

It’s not surprising that peace of mind for many business owners comes with appointing an experienced agent to look after their BAS services for them.

Our friendly, service orientated team offer a range of BAS services and lodgement options to suit all small business owners so you have more time to do what you do best – running your business and earning money.

Services include:

• Preparation of Business Activity Statements from business data
• Electronic Lodgement of Business Activity Statements
• Personalised advice on BAS provisions (including GST, PAYG, Withholdings and Instalments, Fringe Benefits Tax, Fuel Tax Credits and more)
• Preparation of Instalment Activity Statements and Income Statements
• Management of financial data files and preparation of reports for business tax returns
• Handle payroll and superannuation obligations including Reportable Employer Super Contributions

We can assist you with all facets of payroll and reportable contractor payments. Our professional team are fully versed in all legislative requirements and the processes required in managing this crucial part of your business.

The primary objective of payroll processing is to ensure that employees receive all the financial entitlements they are owed in a timely manner. Poor payroll processing can be very detrimental to a business as it can significantly impact net income and lead to disgruntled staff. With an abundance of legislation, payment methods and withholdings, payroll management can be a difficult and time-consuming process.

Payroll processing services include:

• Single Touch Payroll (STP) – ensure when your staff are paid the correct information is being transmitted to the Australian Taxation Office.
• Payslips – Our team can prepare your staffs payslips on your behalf and email them directly to you or your staff.
• PAYG Withholdings – Any business that has employees or pays employees of another business must withhold an amount from payments made to them. Any payments made to a business that doesn’t quote an ABN on an invoice or other documentation must also have an amount withheld from payments.
• Taxable payments reporting – Businesses in the building and construction industry, cleaning services, courier/freight services, IT services, security/surveillance services need to report the total payments they make to each contractor they engage. These payments need to be reported to the Australian Taxation Office (ATO) on the Taxable Payments Annual Report, or electronically.
• Payroll Tax, Workers Compensation Insurance, Employment Forms – some or all of these may be needed for your business.
• In addition Superannuation should be calculated and paid – this is a compulsory whereby employers are required to pay a percentage on top of “ordinary time’s earnings” to a nominated superannuation fund. These contributions need to be made at least once every three months and penalties for late payment are very severe.
• End of Payroll Year Processing – Reconciling and finalisation of income statements for employees through electronic payroll systems.

Auditing

The audit profession plays an important role in the confidence and integrity in Australia's capital markets.

Your business will benefit from an audit. As auditors, we don't only check to see if your financials are correct, but we assist you with implementing the procedures to help your financial accounts stay compliant with Accounting Standards and keep your reporting free from material misstatement.

There are many reasons why a business is required to be audited. These include audits regulated by ASIC, government departments and licensing authorities. At Impact Accounting NQ we specialise in a wide variety of audits listed below.

• Associated Incorporations
• Real Estate Agent Trust Accounts
• Solicitor Trust Accounts
• Co-operative Organisations

Business Start-Up

There are four main business structures commonly used by businesses in Australia and we can help with them all:

Sole trader: an individual operating as the sole person legally responsible for all aspects of the business.

Partnership: an association of people or entities running a business together, but not as a company. A partnership is relatively inexpensive to set up and operate.

Company: a legal entity that is separate from its shareholders.

Trust: an entity that holds property or income for the benefit of others. Trusts require a formal trust deed that outlines how the trust operates, requires the trustee to undertake formal yearly administrative tasks and if you operate your business as a trust, the trustee is legally responsible for its operations. A trustee of a trust can be a company, providing some asset protection.

It is important to note that you can change your business structure throughout the life of your business.

Before commencing a new business, the following are some of the key items that need to be considered:

• Decide on the most suitable structure for your business – sole trader, partnership, trust or company
• Prepare a business plan, cashflow projections, budgets, and trading forecasts
• Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
• Establish a good working relationship with your bank
• Register for a Tax File Number and an Australian Business Number with the ATO
• Complete registration procedures with Australian Securities and Investments Commission
• Deal with company secretarial issues
• Set up a recording system for your internal use and for complying with statutory requirements

Each new business is different and needs to be considered in relation to your individual circumstances and our experience can ensure you are maximising your opportunities.

Tax Planning

Tax time is coming up. Are you prepared?

When the time comes to deal with your own taxation and accounts, it can be stressful and hassling. Though through good preparation and planning, you can make tax time work for you and potentially reduce the impact of tax, while keeping up to date.

Impact Accounting NQ are specialists in accounting and taxation. We aim to provide our clients with comprehensive tax planning advice and strategies, all at competitive prices.

We provide assistance for:

• Individuals
• Families
• Artists
• Trusts
• Businesses and
• Organisations (non-profit and commercial)

Identify Options and Areas to Reduce Tax

Tax can be complicated in many ways—that's no secret. What can you actually claim? Are you entitled to any government incentives or benefits? Is there anything you should concern yourself with when recording expenses?

A professional accountant can help you identify potential tax deductions and government benefits in detail, which could help you minimise tax payable. They'll also inform you of any obligations and laws that you have to meet and abide by, thus helping you stay up to date.

By planning for tax, you could:

• Reduce the amount of tax owed, depending on your situation
• Develop strategies to minimise tax, potentially saving you money
• Prepare for the financial year

Impact Accounting have worked with a large variety of businesses and individuals from different industries over the years, tailoring options, advice and strategies to suit clients unique needs.

Business Advisory

At Impact Accounting NQ, we offer business advisory services that are focused on improving business performance which increases profit and the value of your business and ultimately, your personal net worth.

Apart from all the regular services you’d expect from a specialist taxation accounting firm, Impact offers the following business advisory services:

• Strategic business planning and facilitation
• Financial analysis
• Business and personal goal setting
• Business and financial restructuring
• Business acquisitions
• Systems review

Construction & Trade

The process of running a construction business can be profitable though extremely time-consuming at points. Client deadlines, management of construction supplies, Occupational Health and Safety on site, along with overseeing staff and subcontractors is a lot to deal with it as it is.

Effective management of your cash flow and other financial requirements such as taxation can make the difference between your building business flourishing or struggling. Using a professional accountant that understands the financial issues of running a business can provide a benefit to you and your business, such as giving you more time to focus on your business and personal life, rather than worrying heavily about taxation.

With years of industry experience, Impact Accounting NQ has provided accounting services to building businesses, delivering comprehensive tax services and knowledge in the industry.

COMPREHENSIVE SERVICES

We provide a wide range of accounting services and advice to businesses and individuals, including:

• Payroll and bookkeeping services and options
• Advice relating to claiming motor vehicle expenses
• Preparing income tax returns and certain financial documents
• Advice on record keeping software, spreadsheets and tools for recording income and expenses of your business
• Equipment finance (tools, construction supplies, etc)
• Advice in relation to the sale and purchase of a business
• Tax planning strategies
• Advice for business start-ups
• Plus much more support.

Whatever direction you’re looking to take your business or contracting, we’re here to help with your taxation and accounting needs. It’s a common situation where builders, trades people and businesses are using software that is beyond their requirements, potentially leading to confusion along with a waste of time and money. We can provide advice with record keeping in regards to your expenses and income, based on your accounting skill level and what is appropriate for your business and goals.

Farming

Managing a farm is a time-consuming task. Overseeing staff and ensuring your day to day operations are running smoothly can take up enough time as it is; the last thing you may want to deal with is financial paperwork and tax.

A professional accountant can help you efficiently manage your accounting, bookkeeping and taxation requirements, while also providing you with advice and strategies to help effectively grow your business. This can give you more time to focus on what’s important to you, such as handling tasks on your farm and enjoying life outside of work.

We provide accounting services for primary producers and farmers throughout Queensland. We understand what farmers require to effectively manage the finances of their farming operations and endeavour to provide all of our farming clients with effective advice and services to do such.

TAKE THE STRESS OUT OF TAX WITH HELP FROM A PROFESSIONAL ACCOUNTANT

Time is money—two things that accountants can save for you. A professional accountant has the expertise and industry experience to help you efficiently, effectively and quickly manage your accounts, all while helping you save money and reduce tax.

Here at Impact Accounting, we can help you with:

• Identifying opportunities to legally reduce tax payable
• Preparation of income tax returns
• Equipment finance
• Assistance with employment compliance, such as WorkCover and superannuation
• Cash flow projections
• Tax planning strategies
• Liaising with farm consultants
• Advice on record keeping software, spreadsheets and tools for recording income and expenses of your business
• Advice in relation to the sale and purchase of equipment or properties
• Advice in relation to business expansion and growth
• Assistance with drought and flood claims
• Assistance with government incentive programs
• Advice for business start-ups
• Succession planning.

LOOKING FOR HELP WITH YOUR ACCOUNTING AND TAXATION REQUIREMENTS?

Whether a small or medium-sized business farm, our team at Impact have the expertise to help you with all of your tax, accounting, GST and business advice needs.

Health & Beauty

Working in the medical industry can be incredibly fulfilling though also extremely time-consuming. Potentially long and extended hours, keeping up to date with patient or client details, travelling and on-call jobs can leave you exhausted.

With all this on your plate, worrying about parts of your taxes shouldn’t be an issue. A professional accountant can assist you with your taxes and accountancy, giving you more time to focus on your career and personal life. Not only can accountants reduce your taxation workload but they can also assist with evaluating your expenses to reduce the amount of tax payable or enhance your tax return depending on your situation.

Impact Accounting NQ has helped a range of doctors and medical professionals with their accounting and taxation needs for years in Queensland. With a devoted team of accounting experts, we focus on providing great service and support for all our clients, whether an individual, small practice, organisation or large business.

Using a professional accountant who understands the important financial components of a barber and hairdressing salon can make the difference between barely surviving and thriving. Impact Accounting NQ has assisted and mentored a range of different hairdressers and barbers with their finances and accounting as they have developed.

Looking to Start a Barber Shop or Hairdressing Salon?

Starting up can be stressful with all the issues that need to be taken care of. From employing staff and subcontractors (along with their wages, superannuation and other benefits), to insurance and the leasehold, to salon equipment and marketing; you want to be able to focus on establishing and improving your business and helping clients, rather than worrying about every small financial detail. We can assist you in acquiring software tools to help you keep track of your expenses and income, giving you more time to focus on your business.

Support

Over time, your business and personal life may change and with that, you may want to alter your finances, goals and the direction your business is heading. When you want to review your taxation and accounts position, we're here to help you.

Our Accounting, Taxation and Advice Services include:

• Wealth creation strategies
• Controlling and monitoring labour costs
• Tax planning strategies
• Advice in relation to claiming motor vehicle costs
• Equipment and vehicle finance (Chairs, washing stations, dryers, equipment, etc.)
• Preparation of financial applications
• Accounting software selection and training
• Bookkeeping and payroll

Hospitality

Owning and managing a bakery, café, restaurant or hotel can be an incredibly time-consuming process. You have to ensure that the food and beverages that are being prepared are up to quality, process food stock and ingredients, cover rent and lease costs, market the business along with managing staff and subcontractors; including their wages and superannuation.

Using a professional accountant can provide you with more time to focus on your business and customers, helping reduce the stressful workload that can be associated with running a hotel, restaurant, bakery or café. The professional team at Impact Accounting NQ have assisted a range of bakeries, cafes and restaurants over the years with comprehensive accounting and taxation services, devoted to each client's unique requirements.

Bakery, Café, Restaurant or Hotel Startup

If you're starting a business, we can provide you with advice and services in regards to:

• Claiming vehicle and transport costs
• Legally reducing the amount of tax payable depending on your situation
• Tax planning strategies
• Payroll and bookkeeping services
• Tax and business registrations such as your TFN, ABN, GST and so forth
• Advice on software, tools and spreadsheets for recording expenses and income of your business
• Preparing financial documents and tax returns
• Plus much more

Support and Advice

Having people and businesses supporting you can take the stress off your work. You may want to change the direction of your business at a point in life, or even sell it. Impact Accounting NQ can provide advice over time in relation to a range of financial areas including taxation, accounting, selling and purchase of a business, tax-deductible claims, bookkeeping and tax options available to you.

Retail Industry

Managing a retail business can be a time consuming and complex task. You have to make sure that your staff can perform well, are receiving appropriate payment in regards to their wage and superannuation, plus then there’s the range of OH&S and compliance issues that must be followed.

Impact Accounting NQ understands the financial implications that retailers have to deal with. We offer you professional experience, technical knowledge and support with your taxes and accounting.

PROFESSIONAL ACCOUNTING SERVICES

Our services for retailers include:

• Start-up business financial advice
• Payroll and bookkeeping services
• Income tax returns
• Tax planning strategies
• Accounting software advice and selection
• Tools and spreadsheets to assist in detailing and reporting income and expenses
• Advice about the sale and purchase of your business
• Advice about claiming motor vehicle and transport costs
• The preparation and analysis of certain financial documents and statements.

ONGOING SUPPORT

Over time, you may want to change the direction your business is heading and this could lead to financial issues. Financial advice and services from professionals could help you and your business keep on track with your goals and evolve positively. Impact Accounting NQ can provide professional accounting advice and services as your business progresses and changes.

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